Entry for Factory Labor Costs A summary of the time tickets is as follows: Job No. Amount 100 $1,600 101 1,330 104 2,430 108 2,770 Indirect 8,530 111 1,690 115 1,110 117 7,510 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.

Entry for Factory Labor Costs A summary of the time tickets is as follows: Job No. Amount 100 $1,600 101 1,330 104 2,430 108 2,770 Indirect 8,530 111 1,690 115 1,110 117 7,510 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.

Name: Entry for Factory Labor CostsA summary of the time tickets is as foll
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Description: Entry for Factory Labor CostsA summary of the time tickets is as follows:Job No.Amount100$1,6001011,3301042,4301082,770Indirect8,5301111,6901151,1101177,510Journalize the entry to record the factory labor costs. If an amount box does not require an

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter16: Job Order Costing

Section: Chapter Questions

Problem 6E: A summary of the time tickets is as follows: Journalize the entry to record the factory labor costs.

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JOB ORDER COSTING WITH UNDER- AND OVERAPPLIED FACTORY OVERHEAD M. Evans Sons manufactures parts for radios. For each job order, it maintains ledger sheets on which it records direct labor, direct materials, and factory overhead applied. The factory overhead control account contains postings of actual overhead costs. At the end of the month, the under- or over applied factory overhead is charged to the cost of goods sold account. Factory overhead is applied on the basis of direct labor hours. For Job Nos. 101, 102,103, and 104, direct labor hours are 12, 000, 10,000, 11, 000, and 18,000, respectively. The overhead application rate is 1.20/direct labor hour. (a) Purchased raw materials on account, 50,000. (b) Issued direct materials: (c) Issued indirect materials to production, 8,000. (d) Incurred direct labor costs: (e) Charged indirect labor to production, 15,000. (f) Paid electricity bill, taxes, and repair fees for the factory and charged to production, 8,000. (g) Depreciation expense on factory equipment, 30,000. (h) Applied factory overhead to Job Nos. 101104 using the predetermined factory overhead rate (see above). (i) Finished Job Nos. 101103 and transferred to the finished goods inventory account as products N, O, and P. (j) Sold products N and for 50,000 and 45,400, respectively. (k) Transferred under- or over applied factory overhead balance to the cost of goods sold account. REQUIRED 1. Prepare general journal entries to record transactions (a) through (k). 2. Post the entries to the work in process and finished goods accounts only and determine the ending balances in these accounts. 3. Compute the balance in the job cost ledger and verify that this balance agrees with that in the work in process control account.
JOB ORDER COSTING WITH UNDER- AND OVERAPPLIED FACTORY OVERHEAD M Evans Sons manufactures parts for radios. For each job order, it maintains ledger sheets on which it records direct labor, direct materials, and factory overhead applied. The factory overhead control account contains postings of actual overhead costs. At the end of the month, the under- or overapplied factory overhead is charged to the cost of goods sold account. Factory overhead is applied on the basis of direct labor hours. For Job Nos. 101, 102, 103, and 104, direct labor hours are 12,000, 10,000, 11,000, and 18,000, respectively. The overhead application rate is 1.20/direct labor hour (a) Purchased raw materials on account, 50,000. (b) Issued direct materials: (c) Issued indirect materials to production, 8,000. (d) Incurred direct labor costs: (e) Charged indirect labor to production, 15,000. (f) Paid electricity bill, taxes, and repair fees for the factory and charged to production, 8,000. (g) Depreciation expense on factory equipment, 30,000. (h) Applied factory overhead to Job Nos. 101-104 using the predetermined factory overhead rare (see above). (i) Finished Job Nos. 101-103 and transferred to the finished goods inventory account as products N, O, and P. (j) Sold products N and O for 50,000 and 45,400, respectively. (k) Transferred under- or overapplied factory overhead balance to the cost of goods sold account. REQUIRED 1. Prepare general journal entries to record transactions (a) through (k). Make compound entries for (b), (d), and (h), with separate debits for each job. 2. Post the entries to the work in process and finished goods T accounts only and determine the ending balances in these accounts. 3. Compute the balance in the job cost ledger and verify that this balance agrees with that in the work in process control account.
JOURNAL ENTRIES FOR MATERIAL, LABOR, OVERHEAD, AND SALES Micro Enterprises had the following job order transactions during the month of April. Record the transactions in the general journal, including issuance of materials, labor, and factory overhead applied; completed jobs sent to finished goods inventory; closing of the under- or overapplied factory overhead to the cost of goods sold account; and sale of finished goods. Apr.1 Purchased materials on account, 35,000. 10 Issued direct materials to Job No. 33, 10,000. 11 Issued direct materials to Job No. 34, 8,000. 12 Issued direct materials to Job No. 35, 11,000. 25 Incurred direct labor: On Job No. 33, 6,000 On Job No. 34, 4,000 On Job No. 35, 5,000 25 Applied factory overhead: To Job No. 33, 1,500 To Job No. 34, 1,200 To Job No. 35, 1,600 30 Transferred Job Nos. 3335 to the finished goods inventory account as products F, G, and H, respectively. 30 Sold products F, G, and H for 20,000, 16,000, and 22,000, respectively. 30 Actual factory overhead for Job Nos. 3335, 4,220.
JOURNAL ENTRIES FOR FACTORY OVERHEAD Huang Company manufactures toys. It keeps a factory overhead account where actual factory overhead costs are recorded as a debit, and factory overhead applied is recorded as a credit. At the end of the month, under- or overapplied factory overhead is calculated and transferred to the cost of goods sold account. For the month of January, Huang had the following overhead transactions. Make appropriate general journal entries to record factory overhead and factory overhead applied, and to close the under- or overapplied factory overhead to the cost of goods sold account. Jan.1 Paid rent, 1,000. 10 Paid electricity bill, 250. 15 Paid repair expense, 1,500. 21 Vacation pay for machine operator, 500 (Wages Payable). 31 Depreciation expense for the month, 450. 31 Factory overhead applied was 3,500.
A summary of the time tickets is as follows: Journalize the entry to record the factory labor costs.
A new company started production. Job 10 was completed, and Job 20 remains in production. Here is the information from job cost sheets from their first and only jobs so far: Using the information provided. A. What is the balance in work in process? B. What Is the balance in the finished goods inventory? C. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate?
Entries for costs in a job order cost system Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: A. Materials purchased on account, 770,000. B. Materials requisitioned, 680,000, of which 75,800 was for general factory use. C. Factory labor used, 756,000, of which 182,000 was indirect. D. Other costs incurred on account for factory overhead, 245,000; selling expenses, 171,500; and administrative expenses, 110,600. E. Prepaid expenses expired for factory overhead were 24,500; for selling expenses, 28,420; and for administrative expenses, 16,660. F. Depreciation of factory equipment was 49,500; of office equipment, 61,800; and of office building, 14,900. G. Factory overhead costs applied to jobs, 568,500. H. Jobs completed, 1,500,000. I. Cost of goods sold, 1,375,000. Instruction Journalize the entries to record the summarized operations.
Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses a job order cost system. Balances on April 1 from the materials ledger are as follows: The materials purchased during April are summarized from the receiving reports as follows: Materials were requisitioned to individual jobs as follows: The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a. Journalize the entry to record the purchase of materials in April. b. Journalize the entry to record the requisition of materials in April. c. Determine the April 30 balances that would be shown in the materials ledger accounts.
Amounts for materials Big Timber Furniture Company manufactures furniture. Big Timber Furniture uses a job order cost system. Balances on June 1 from the materials ledger are as follows: The materials purchased during June are summarized from the receiving reports as follows: Materials were requisitioned to individual jobs as follows: The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a.Determine the total purchase of materials in June. b.Determine the amounts of materials transferred to Work in Process and Factory Overhead during June. c.Determine the June 30 balances that would be shown in the materials ledger accounts.
A new company started production. Job 1 was completed, and Job 2 remains in production. Here is the information from the job cost sheets from their first and only jobs so far: Using the Information provided. A. What Is the balance in work in process? B. What Is the balance in finished goods inventory? C. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate?
Summary information from a companys job cost sheets shows the following information: What are the balances in the work in process inventory, finished goods Inventory, and cost of goods sold for April, May, and June?
The following data summarize the operations during the year. Prepare a journal entry for each transaction. A. Purchase of raw materials on account: $1,500 B. Raw materials used by Job 1: $400 C. Raw materials used as indirect materials: $50 D. Direct labor for Job 1: $200 E. Indirect labor Incurred for Job 1: $30 F. Factory utilities Incurred on account: $500 G. Adjusting entry for factory depreciation: $200 H. Manufacturing overhead applied as percent of direct labor: 100% I. Job 1 is transferred to finished goods J. Job 1 is sold: $1,000 K. Manufacturing overhead is under applied: $100